South African assets have turned from market darlings to duds. The rand, bonds and stocks had a flying start to the year, benefiting as a relative haven among emerging markets and from a rise in commodity prices spurred by Russia’s invasion of Ukraine.
The rand, bonds and stocks had a flying start to the year, benefiting as a relative haven among emerging markets and from a rise in commodity prices spurred by Russia’s invasion of Ukraine.The nation’s assets have gone into retreat as investors assess rising global interest rates, after hikes from the Federal Reserve and the Bank of England this week.
The rand is on track for a third week of declines, the longest losing streak since November last year. Its 8.5% decline over the past month – pushing it beyond the psychological level of R16/dollar – makes the currency the worst performing in emerging markets. Stocks have felt investors’ aversion to risk more sharply than their emerging-market peers, sliding towards the worst weekly slump since October 2020.
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